How to Plan and Build a Business Part-Time

At first, most potential entrepreneurs can't afford to quit their jobs to start a business full-time, so they "moonlight" their business on nights and weekends. Here are some tips on how to do it.

Difficulty:

Easy

Instructions

Prepare

1. Select a hobby you'd like to convert into a profitable business or a passion that you'd like to learn more about.

2. Research, research, research. Read books and talk to people who have worked in the industry you're considering.

3. Get a sense of how much income you can make in the first year or two, and what kind of financial investment you'll need to make.

4. Prepare a plan to determine how much money you will need to make before you can quit your job, and how long it will take you to reach that goal.

5. Be careful not to inappropriately use your employer's time and resources for your own business.

6. Avoid telling your boss before you are ready.

7. Keep your standards of performance up to protect your primary source of income.

Take Care of Family

1. Take an occasional break from your work and devote yourself fully to your spouse and family.

2. Remember to take vacations. You might not need it, but your family will.

3. Budget money to help take care of your kids and housework, if you won't be available.

Tips & Warnings

• When you start hating your day job and longing to be your own boss, keep in mind that your day job is only temporary.

• Let your spouse share in your dreams of entrepreneurial success--it will make him or her much more supportive.

• Starting a business part-time will create an unexpectedly large amount of hard work.